Poland’s largest cryptocurrency exchange Bitbay is forced to move to Malta
Poland’s largest cryptocurrency exchange, Bitbay, has decided to suspend its activities in its home jurisdiction, as banks no longer want to cooperate with it. The exchange will move to Malta, the laws of which are more welcoming to cryptocurrency market participants, and will operate under the leadership of a new operator. The company announced this in its blog.
Bitbay writes that its activities in Poland directly depend on interaction with local banks, however, the last Polish bank that served the exchange’s accounts decided to abandon cooperation at the end of May..
Bitbay will close access to accounts in Polish zloty after May 31. The rest of the site’s functions will be available in full, but after September 17 all trading activity on the site will be suspended, and users will only be able to withdraw their money and will not be able to make deposits.
Clients of the company will be able to re-register after the exchange resumes its operations in Malta. Although the platform will be operated by a new operator, it will retain the bitbay.net domain and the BitBay trademark..
Recently, the Polish authorities agreed to temporarily lift the “irrational” tax on cryptocurrencies after they faced public outcry..
Earlier, the Binance exchange announced its move to Malta.
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